Owing more than $500,000 in delinquent property taxes and unable to pay a bank loan, developer Randall Walters stands little chance of successfully reorganizing the finances of a property he owns in Johnston, according to a bankruptcy court document. The U.S. trustee for the U.S. Bankruptcy Court for the Southern District of Iowa said the Chapter 11 filing of Griz Lee LC should be dismissed. Walters is the managing partner of the company and two other businesses that are tenants in a retail and office building in Johnston. Community Business Lenders LLC has asked the court to turn over operation of the building to a court officer. Griz Lee filed for bankruptcy court protection from its creditors on March 22, claiming $4.7 million in assets and $4.3 million in debts. Griz Lee bought the property in 2002 from developer John Kline, according to Polk County property records.